Sava Mihic, formerly of Platinum Asset Management, has launched his own hedge fund, Adamantos, with backing from Platinum founder Kerr Neilson and fellow alumnus Jim Simpson. Mihic’s fund aims to achieve insignificant beta, demonstrating returns uncorrelated with broader market movements. Mihic emphasises a traditional hedge fund approach through a portfolio construction designed for market neutrality. Adamantos operates out of Neilson’s Argyle Funds Management office in Sydney.
Neilson and Simpson have invested a combined $50 million to seed Mihic’s Adamantos global long-short fund, supporting a blend of quantitative and fundamental investing strategies. Launched in August 2020 while Mihic was still at Platinum, the strategy has delivered an annual return of 13.8 per cent and 12.28 per cent in 2025. Mihic believes the current market conflict in the Middle East represents a structural break that investors are underestimating, a situation for which he has positioned the fund.
Platinum Asset Management is an ASX-listed global equities firm, formerly led by Kerr Neilson, that specialises in identifying undervalued investment opportunities worldwide. The fund, now defunct, aimed to deliver investors long-term capital growth through a disciplined and research-intensive investment process. Mihic’s strategy involves buying robust, profitable companies with strong industry positions while shorting risky, unprofitable ventures. Current positions include a long position in Brazilian energy giant Petrobras and short positions in Ferrari and quantum computing firm IonQ.
Neilson expressed enthusiasm for Adamantos’s low correlation with equity markets, noting Mihic’s ability to generate returns independently of market trends. Mihic’s background includes experience at Challenger’s equities and alternative assets unit, where he honed his quantitative skills before joining Platinum. He describes his approach as combining quantitative analysis with fundamental research to identify sustainable investment opportunities and avoid cyclical traps.
